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30 November, 18:37

Which of these statements about GDP are true? Choose one or more: A. GDP is the output produced by workers and resources owned by residents of a nation. B. Money received for services is included in GDP. C. GDP is calculated using market values.

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  1. 30 November, 22:30
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    True statements are B Money received for services is included in GDP and C GDP is calculated using market values.

    Explanation:

    GDP calculation is obtained by by multiplying total production of an economy by market or price values of these products. GDP, therefore, takes any types of products, no matter if their are physical goods or services, so services is also included in GDP. However, GDP only accounts for production made in or which transactions occurred inside countries borderS. The output produced by workers and resources owned by residents of a nation is commonly known as GNI OR Gross National income that is the amount produced for example by companies in US that are outside US
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Home » Business » Which of these statements about GDP are true? Choose one or more: A. GDP is the output produced by workers and resources owned by residents of a nation. B. Money received for services is included in GDP. C. GDP is calculated using market values.
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